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The reinsurer said that Hurricane Dorian could cause “considerable flooding”, which could impact the National Flood Insurance Program.
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Improvements to models and peril exclusions are expected to encourage growth once losses have been settled, the ratings agency said.
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The second payment from its cash fund is in addition to $20mn approved in February.
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It holds $241mn in catastrophe reinsurance after lifting its allocation in 2018.
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The law creating the $21bn fund to be administered by the California Earthquake Authority was passed in July. -
Some 40 percent of the monthly loss estimate stemmed from a single severe hail event .
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The insurer’s overall cat losses were below its budget as higher Australian disaster activity was offset by benign international claims.
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The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
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The lottery firm will recover EUR4.8mn from its ILS cover.
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The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
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It is the fifth deal of the year to be issued from the Horseshoe Group platform.
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Reinsurance buyers with a relationship-driven approach have come through 2019 renewals in better shape than transaction-based cedants.
